The Moratorium is OverThe Moratorium is Over
It's not news that individual retirement account owners must withdraw required minimum distributions (RMDs) from their IRAs after reaching age 70, or that beneficiaries must make similar withdrawals. But it was news when, in 2009, Congress granted a one-year moratorium for RMDs during 2009 in response to declining markets and Madoff-type fraud schemes.1 The moratorium applied to anyone subject to
Michael J. Jones
It's not news that individual retirement account owners must withdraw required minimum distributions (RMDs) from their IRAs after reaching age 70½, or that beneficiaries must make similar withdrawals. But it was news when, in 2009, Congress granted a one-year moratorium for RMDs during 2009 in response to declining markets and Madoff-type fraud schemes.1
The moratorium applied to anyone subject to RMDs from defined contribution retirement plan accounts and IRAs. The moratorium also extended by one year the time in which some beneficiaries could empty out an account under the so-called five-year rule or elect to take to take RMDs over the beneficiary's life expectancy.2
It was simple during 2009: IRA owners and beneficiaries...
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